The market ended higher today, mostly led by the semiconductors.  The day started out a little downside action with Nasdaq going to a new low for the pullback, testing the 1520 support area.  The S&P tested the key 1190-91 area.  At that point they staged a very strong snapback rally that ran hard and slightly through key resistance at NDX 1540, reaching as high as 1542 1/2 and through 1200 on the S&P 500, reaching as high as 1202.  But they failed at the point, pulled back in the mid-afternoon, and then an initial test of support held in the afternoon, and they rallied back late in the session.

Net on the day, the Dow was up 26, the S&P 6 1/4, the NDX 11 3/4.  But the key today was the SOX, up 8.22 or nearly 2 percent.  That really helped Nasdaq close firmly.

Technicals were 3 to 2 positive on advance-declines on both exchanges.  Up/down volume was less than 2 to 1 positive on New York on total volume of 1.4 billion.  Nasdaq traded more than 1.6 billion, with ratio of about 3 1/2 to 1 positive.

TheTechTrader.com board had some outstanding issues today. One of our former Charts of the Week, DayStar Technologies (DSTI), exploded with a vengeance on nearly 4 million shares today, which is historically very high volume.  The stock advanced 4.21 to a new all-time high, closing at 11.09.

Junior energy stocks soared as well today.  Georesources (GEOI) closed at 17.09 today, a high for the day, up 2.55 on 4 1/2 million shares, a new all-time high.  Also running hard in that sector was Able Energy (ABLE), up 1.46 to 20.32, on 1 3/4 million shares. Evergreen Solar (ESLR) in the alternative energy sector was up 48 cents and Energy Conversion Devices (ENER) was up 56 cents.

In the large-cap sector, Broadcom (BRCM) was up 91 cents, Intel (INTC) up 60 cents, and as a result the SMH was up 73 cents.

On the downside, there were only fractional losses across the board.  Travelzoo (TZOO) did give back 55 cents, China Yuchai (CYD) 30 cents, and Kendle International (KNDL) 24 cents, but other than that most stocks were up on my board today.

Stepping back and reviewing the overall hourly chart patterns, the neckline of the 2 week head and shoulders top pattern on the Nasdaq 100 that was broken earlier this week was retested on a couple occasions today, and the index closed right near there, which is also moving average resistance.

On the S&P 500, key support at 1190-91 was tested today, and the index closed back up to its moving average resistance on the hourly charts.

The next day or so should tell us whether this rally can continue or whether they roll over and take out today's lows and complete topping patterns and head south for a few days.

Good trading!

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a FREE 15-day trial to his Real-Time Technical Trading Diary, or sign up for a Free 30-Day Trial to his Top Charts of the Week service.